Yes, that will open into a flower... Sometimes two. Looks like an Apon you have there. Once they start throwing flowers like that, you should see a constant stream of new flowers shooting for air. I have not been able to get the flowers to make seeds, but i hear if you rub it around between your fingers once it has opened, you might be able to pollinate it and get seeds, which will make lots and lots of baby plants...
Good luck!